Bitcoin continues its downward trend, falling below $50,000, and the other major altcoins have fallen sharply
- The price of Bitcoin has fallen by more than 5% and has even fallen below the $ 50,000 threshold.
- Ethereum cut most of its gains and tested $ 2,100, XRP tested $ 1.00.
- BTG performed well as it crossed the $ 100 threshold.
The price of Bitcoin struggled to break through the resistance of $ 55,500 and began a further decline. BTC fell below the support levels of $ 53,200 and $ 52,000. After falling below $ 50,000, it is currently correcting its losses.
Likewise, most of the major altcoins have fallen sharply. After trading at a new all-time high above $ 2,670, ETH fell sharply below $ 2,300. XRP / USD fell more than 15% and tested the support of $ 1.00.
Total market capitalization
Furthermore, in the past 24 hours, trading positions worth over $ 3.5 billion (over 555,000 traders) have been liquidated in the crypto derivatives market. More than $ 1.2 billion was in BTC, according to data from bybt.com. These figures follow the $ 10 billion liquidations last Sunday.
After a rejection of nearly $ 55,500, the price of Bitcoin began to drop sharply. BTC has broken many supports near $ 53,200 and $ 52,000. The “bulls” failed to keep the price at $ 50,000. BTC has tested the $ 48,500 support zone and is now recovering its losses above $ 50,000. A first resistance is near 50,800 USD. The first key resistance is now forming near the $ 52,000 level.
On the downside, the $ 49,500 level is decent support. If the fall is prolonged, the price could possibly test the level of 48,000 USD in the near term.
“Bitcoin has slipped below the 50-day moving average support it has held throughout this steep rise,” Pankaj Balani, CEO of Delta Exchange, told Bloomberg. “It is possible that this decline will continue here.”
Price of Ethereum
Ethereum’s price jumped above the $ 2,600 level and traded at a new all-time high. However, the recent bearish reaction in the market caused its price to decline below the $ 2,400 support. The price fell sharply and fell below the $ 2,250 support.
It was trading near $ 2,100 before correcting higher. It is now trading above $ 2,200, but “bulls” may find it difficult to break above the $ 2,300 level.
BNB, ADA, DOGE and XRP prices
Binance Coin (BNB) failed to break through the resistance of $ 580 and lost more than $ 100. BNB broke the $ 500 level and tested the $ 450 support. Price is now consolidating, with immediate resistance at $ 505. Key resistance is now forming near the $ 525 level.
Cardano (ADA) extended its decline below the $ 1.20 support. ADA has moved below the support level of $ 1.050 and it is now consolidating above $ 1.00. In the event of a close below $ 1.00, the bears could aim for a test of the support zone of $ 0.85.
Dogecoin (DOGE) is down over 20% and has broken the support level of $ 0.250. DOGE has moved below $ 0.210 and is now showing some signs of recovery. On the upside, the bulls may face resistance near $ 0.240 and $ 0.250.
The price of XRP fell more than 15% and broke many important supports near 1.20. The price even fell below the $ 1.00 level and is now consolidating its losses. If there is a close below $ 1.00, the “bulls” could lose control in the short term.
The market for other altcoins today
Many altcoins fell over 15% including IOST, DGB, SC, BSV, XEM, BTT, HOT, ONT, RVN, KLAY, QTUM, FTM, CHZ, TRX, XVG, and ZIL. Of these, IOST and DGB are down more than 25%. BTG rallied more than 10% and broke above $ 100, before correcting lower again.
Overall, the price of Bitcoin is in a bearish momentum below $ 52,000. However, if there is no daily close below $ 50,000, there is a chance of a new rally.